Those setting up a new business sometimes think they cannot register for VAT until they have reached a certain turnover (wrong), others feel the last thing they want to do is register for VAT, its just more admin and more tax isn’t it?
Well maybe. But it could mean a significant amount of extra profit for your business!
VAT is a tax on consumers. If your business supplies consumers, then you will want to delay registering for VAT until your turnover means you must register. (Note if you have taken over a ‘going concern’ which was already VAT registered-then you must register from day one of your business.)
If your customers are other businesses or even if some of your customers are other businesses, then it could pay dividends to register for VAT straight away....
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